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The Company and SD Subsidiaries have identified some assets for immediate sale to generate the cash flows required to meet the SD Group liabilities. The Company and its subsidiaries would require a court-convened meeting of its creditors to consider and if thought fit, to approve a scheme of arrangement to be proposed between the Company and its creditors to restructure the debt obligations of the Company and its subsidiaries.
The Board of Directors of the Company is of the view that the Applications for Scheme are in the best interest of the SD Group and its creditors as the proposed scheme of arrangement proposes a 100% return to the Company’s creditors.
